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| A common means of settling a dispute claim, whereby a debater offers to pay a lesser amount than the creditor purports to be owed. The creditors acceptance of the offer creates an agreement and when the aggreement is executed, satisfaction occurs |
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| A contract that has not yet been fully performed by both parties. |
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| A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox). If mail is expressly or implied, an authorized means of communication of acceptance to the offeror |
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| The act of refraining from an action that one has a legal right to undertake. |
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| A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period, the offer can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration for the option to be enforceable |
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| A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another |
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| THE RELATIONSHIP THAT EXISTS BETWEEN THE PROMISOR AND THE PROMISEE OF A CONTRACT |
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| The act of accepting and giving legal force to an obligation that previously was enforcable |
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| A state statue under which certain types of contracts must be in writing to be enforceable |
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| Changing an illegal rate of interest |
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| Special damages that compensate for a loss that does not directly or immediately result from the breach (for Ex lost profits). For the plaintiff to collect consequential damages, they must have been reasonably foreseeable at the time the breach or injury occured. |
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| An amount, stipulated in a contract that the parties to the contract believe to be reasonable estimation of the damages that will occur in the event of a breach |
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| A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant |
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| An equitable remedy requiring exactly the performance that was specified in a contract; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique (like real property) |
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| A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geograhpic area |
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| A type of contract that arises when a promise is given in exchange for a return promise |
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| A contract that results when an offer can be accepted only by the offer's performance. |
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| A common law rule that requires that the terms of the offers acceptance adhere exactly to the terms of the offerors offer for a valid contract to be formed |
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| A contract having no legal force or binding effect |
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| An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time. |
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| The act of transferring to another all or part of ones rights arising under a contract |
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Definition
| Special damages that compensate for a loss. That does not directly or immediately result from the breach. for example loss profits. for the plaintiff to collect consenquentail damages, they must have been reasonably forceable at the time the breach occurred |
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| A qualification, provision, or clause in a contractual agreement, the occurance or non occurance of which creates, suspends, or terminates the obligations of the contracting parties |
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| The legal avoidance, or setting aside, of a contractual obligation. |
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| A clause that releases a contractual party from a liability in an event of monitary or physical injury no matter who is at fault. |
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| A small monitary award granted to a plaintiff when no actual damage was suffered |
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Definition
| The third party that who incadentally benefits from a contract but who's benefit was not the reason the contract was formed |
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